U.S. deports 116 Chinese migrants in first 'large charter flight' in 5 years; China’s internet watchdog begins crackdown to ensure ‘favourable’ environment ahead of major policy meeting
China coast guard detains Taiwanese fishing boat near frontline islands, Taiwan says
Welcome to this issue of The China Brief. Today is July 3, 2024. Here at The China Brief, we bring you the latest news on China's politics, economy, and society from global media sources, along with exclusive expert analysis. If you find our content helpful, please subscribe to our newsletter.
China’s internet watchdog begins crackdown to ensure ‘favourable’ environment ahead of major policy meeting
South China Morning Post
China's Cyberspace Administration has called on regulators and internet companies to create a "favourable" environment ahead of a crucial Communist Party meeting later this month. The call came at a national cyberspace meeting held last week, just weeks before the third plenum, a gathering of Communist Party members who will set out the policy direction to tackle China's economic and social challenges over the next five to 10 years. The statement also warned regulators and internet companies to handle "the relationship between security and development" and to prevent "various risks and hidden dangers".
https://www.scmp.com/news/china/politics/article/3268939/chinas-internet-watchdog-begins-crackdown-ensure-favourable-environment-ahead-major-policy-meeting?utm_source=rss_feed
China coast guard detains Taiwanese fishing boat near frontline islands, Taiwan says
CNN
China has detained a Taiwanese fishing vessel near the mainland’s southeast coast, according to Taiwan authorities. The boat had been operating 11.2 nautical miles from the mainland coast in China’s territorial waters. The Taiwanese coast guard demanded the immediate release of the boat and its crew members.
https://edition.cnn.com/2024/07/03/asia/china-detains-taiwan-fishing-boat-intl-hnk/index.html
U.S. deports 116 Chinese migrants in first 'large charter flight' in 5 years
Nikkei Asia
The US Department of Homeland Security has sent 116 Chinese migrants back home in the first "large charter flight" in five years. The move comes as Chinese immigration has become a subject of intense political debate in the upcoming US presidential election, with concerns raised about Chinese nationals entering the country illegally from Mexico. China has resisted taking back Chinese nationals who do not have the right to stay in the US. The Chinese government has said it is firmly opposed to "all forms of illegal immigration".
https://asia.nikkei.com/Spotlight/Immigration/U.S.-deports-116-Chinese-migrants-in-first-large-charter-flight-in-5-years
How China and Russia Compete, and Cooperate, in Central Asia
NY Times
China is increasing its influence in Central Asia, a region that was once under Russia's sphere of influence, as Russia becomes more reliant on China for supplies. This is evident in the construction of new rail lines and infrastructure, as well as rising trade and investment. The leaders of Central Asian countries are meeting with the presidents of China and Russia in Astana, Kazakhstan, this week, where China's rising presence will be on display. The annual summit of the Shanghai Cooperation Organization, a regional grouping dominated by China, will also take place during this meeting. The group, established by China and Russia in 2001, has expanded in recent years to include other countries such as Pakistan, India, and Iran.
https://www.nytimes.com/2024/07/03/world/asia/china-russia-central-asia.html
Hong Kong court adjourns winding-up trial of HNA Group by 6 weeks
South China Morning Post
HNA Group (International), an investment arm of Chinese conglomerate HNA Group, has been granted a six-week adjournment by a Hong Kong judge in relation to two winding-up petitions against the company. The adjournment will allow HNA Group (International) time to negotiate with creditors and resolve its financial issues. This comes after the company defaulted on a $200m bond in 2021. HNA Group, which collapsed under billions of dollars in debt, completed its restructuring two years ago and was seized by the Hainan provincial government in 2020.
https://www.scmp.com/business/china-business/article/3268959/hong-kong-court-adjourns-winding-trial-hna-group-6-weeks?utm_source=rss_feed
Taiwanese military bid to store ammunition on temple grounds during wartime sparks outcry
South China Morning Post
The Taiwanese military's proposal to use local temples as ammunition depots in the event of a cross-strait conflict has sparked public concern. The temples in Miaoli have received an official document from a local reserve command asking them to sign an agreement to allow the military to use their open spaces to store ammunition. Residents have opposed the plan, concerned that the temples would be targeted during wartime and that the presence of explosives would be a significant danger. The military has stated that the plan was developed based on wartime needs and has offered assurances that there will be no ammunition stored in the local area during the war games in July.
https://www.scmp.com/news/china/politics/article/3268890/taiwanese-military-bid-store-ammunition-temple-grounds-during-wartime-sparks-outcry?utm_source=rss_feed
It took a messy school bus stabbing for China to finally do something about extreme nationalism on social media
Yahoo US
Chinese tech giants Tencent, NetEase, Douyin and Weibo intervened after a spate of anti-Japanese hate speech and posts following the killing of a Chinese woman who died after intervening in a knife attack on a Japanese mother and son. The companies issued statements condemning the hate speech and removed thousands of posts, with Tencent saying it would "crack down" on related posts.
https://www.yahoo.com/news/took-messy-school-bus-stabbing-072631200.html
Fearing a bank crisis, China is sounding the alarm about a bond market bubble
CNN
Chinese government bonds have seen a flood of investment as a result of concerns over the country's property market and stock market volatility, sending their prices soaring and their yields plunging. The yield on China's onshore 10-year government bond, a benchmark for a wide range of interest rates, has reached its lowest level since 2002 when records began. Policymakers have expressed concerns that the rapid increase of bond prices could result in a crisis similar to that of Silicon Valley Bank last year. As a result, the People's Bank of China has issued 10 warnings since April about the risk of a bond bubble, and is now borrowing bonds to sell them to lower prices.
https://edition.cnn.com/2024/07/03/business/china-bond-market-bank-crisis-svb-intl-hnk/index.html
Xi Jinping backs Kazakhstan's bid to join BRICS
Nikkei Asia
Chinese President Xi Jinping has expressed his support for Kazakhstan's bid to join the BRICS group of emerging countries. This came during his visit to Astana for the annual summit of the Shanghai Cooperation Organization (SCO). Xi also met with Russian President Vladimir Putin during the summit, as the two countries strengthen their relationship amid tensions with the West. The membership of BRICS has already expanded this year to include several other countries, and Malaysia and Thailand have also expressed interest in joining. Xi and Kazakh President Kassym-Jomart Tokayev witnessed the inauguration of an express China-Europe freight route across the Caspian Sea, symbolizing the completion of diversified land, sea, and air connections. The SCO leaders' summit is scheduled for Thursday and includes China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Uzbekistan, India, Pakistan, and Iran.
https://asia.nikkei.com/Politics/International-relations/Xi-Jinping-backs-Kazakhstan-s-bid-to-join-BRICS
Laos is drowning in debt. China, its biggest creditor by far, says it’s ‘doing its best’ to help
South China Morning Post
China has stated that it is assisting Laos in alleviating its massive debt burden. Laos recently revealed that external repayments have nearly doubled and it is seeking further deferrals to avoid default. China is Laos' largest creditor, accounting for about half of the country's external government debt. Laos had a total public debt of $13.8bn at the end of 2021, equivalent to 108% of its GDP. Last year, the country deferred $670m in principal and interest payments. China's assistance comes as the US seeks to offer developing nations an alternative to China's economic influence, with Washington often criticising Beijing's "debt-trap diplomacy."
https://www.scmp.com/news/asia/southeast-asia/article/3268988/laos-drowning-debt-china-its-biggest-creditor-far-says-its-doing-its-best-help?utm_source=rss_feed
China’s trade landscape a battleground, as data shows tariff duels to escalate with WTO hamstrung
South China Morning Post
China has seen a significant increase in anti-dumping investigations from trading partners, with 64 cases in the first half of this year, a 166% increase compared to the same period last year. India launched the most investigations against China, followed by the US and Brazil. China has also faced 13 anti-subsidy investigations, nearly triple the number from last year. The lack of a quorum of judges in the World Trade Organization's appellate body has left the organisation unable to arbitrate disputes, leading to an increase in tariffs imposed by countries.
https://www.scmp.com/economy/china-economy/article/3268983/chinas-trade-landscape-battleground-data-shows-tariff-duels-escalate-wto-hamstrung?utm_source=rss_feed
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